Billy Corgan's injunction against TNA management has been turned down
by the State of Tennessee, and his temporary restraining order has been
dissolved. TNA management is now able to go back to making decisions
without his approval.
Corgan's lawsuit against the company continues, as does the situation regarding his $1.8 million loan to Dixie Carter.
Corgan's injunction was shot down because he couldn't prove TNA's defense is without merit. So, the case will continue.
Corgan's agreement regarding voting on Dixie Carter's behalf and
removing TNA management was struck down as not being in accordance with
Tennessee law, and thus unenforceable.
The case
regarding TNA being "insolvent" will continue. Since Corgan got involved
in the company due to its financial difficulties, the normal standards
of insolvency might not apply.
Billy Corgan remains president of TNA as of this writing, although one would think that won't last long.
Fight Network will continue to invest funds into TNA. It's expected they'll take over majority ownership.
Once Corgan's loan is settled, he will no longer be able to convert that money into an ownership stake in TNA. I would expect him to exit the picture once that's taken care of.
Additional legal proceedings from Corgan could be coming.
Should Billy Corgan leave, additional departures could follow given their relationship to him.
Billy Corgan reacted to the ruling. This is definitely not over; Corgan just didn't get a deciding KO punch out of the gate.
The case received local press in Tennessee.
More wrestling tomorrow.
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